Banco Santander (SAN) Agrees to Change Screening Method for Account Applicants
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Santander Bank (NYSE: SAN) is going to change the way it screens applicants for checking and savings accounts, which may open the institution to lower-income households.
Reuters reported Thursday night that Santander will adopt new policies for use of ChexSystem, which is a consumer-reporting agency used to analyst banking histories of applicants.
New York attorney general Eric Schneiderman said such systems have generally punished lower-income households for relatively small banking errors in the past.
Both Citigroup (NYSE: C) and Capital One (NYSE: COF) also agreed to a shift in screening recently.
Shares of Santander are flat in early trading.
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